Bandhan Bank Surges with New CEO Approval

Shares of Bandhan Bank rose by 12% following the Reserve Bank of India’s approval of Partha Pratim Sengupta as its new MD and CEO for three years. Sengupta, formerly of Indian Overseas Bank, replaces Chandra Sekhar Ghosh. Meanwhile, Bandhan Bank awaits claims payout of Rs 314 crore.

Bandhan Bank's shares saw a significant uptick on Friday, soaring 12% after securing regulatory approval for Partha Pratim Sengupta as the new Managing Director and CEO. The Reserve Bank of India's nod marked a pivotal moment, spurring a 11.61% rise in its stock to Rs 209.50 per share on the NSE.

Meanwhile, the broader market reflected a downturn with the BSE Sensex falling 226.84 points, closing at 81,384.57, and the Nifty diminishing by 66.90 points to 24,931.55. Sengupta is set to bring his extensive four-decade banking experience to Bandhan Bank, succeeding founder MD and CEO Chandra Sekhar Ghosh, who stepped down in July.

In related developments, a recent audit by the National Credit Guarantee Trustee Company concluded with Bandhan Bank's pending claims amounting to Rs 314 crore under a pandemic-era government loan guarantee scheme. This underscores the lender's ongoing efforts to strengthen financial resilience and support for small borrowers.

(With inputs from agencies.)